[Yongsan's Future] Chairman Eom Seok-o: "The Ultimate Luxury is Nature... The Parkside Seoul Will Become a Landmark"

⑨Eom Seok-o, Chairman of Eleven Construction, Developed Former UN Command Site
"A Wonderful Resolution for a Painful Past"
Land Purchased for 1.0552 Trillion Won in 2017
'The Parkside Seoul' Featuring Residential, Commercial, Accommodation, Office, and Cultural Functions
Rosewood Hotel Experts Manage Apartments and Officetels
Famous Domestic and International Galleries and Sculptures by Park Eun-seon and Lorenzo Quinn Also Displayed
"Creative Policies Needed for Innovative Development Including Floor Area Ratio and Surface Rights Transactions"

Editor's NoteYongsan, which once held the "forbidden land," is entering a new turning point. The Yongsan US military base, which had been off-limits to the general public for over a century, has been transformed into Yongsan Park, a space for all citizens. With the relocation of the presidential office, it has established itself as the new center of power in South Korea, and development plans have also begun in earnest. There are ongoing demands to expand its role as a center of history and culture. Despite being a prime piece of land along the Han River connecting Namsan and the Han River in the heart of Seoul, it still harbors underdeveloped residential areas. Experts believe that to enhance Seoul's global competitiveness as a city where power, business, history, and culture harmonize, attention must be paid to Yongsan. In that sense, Yongsan represents both the present and future of Korean cities.

"The pinnacle of luxury is nature. Right next to the UN Command site is the vast green space of Yongsan Park. No matter how good the materials and design are, they cannot surpass the locational value that nature provides. The fact that a complex facility encompassing all aspects of urban life will be established in the best location will make it the first and best in South Korea."

Eom Seok-o, Chairman of Eleven Construction (Photo by Eleven Construction)

Um Seok-oh, chairman of Eleven Construction, won the bid for the UN Command site in 2017 for 1.0552 trillion KRW, which was 200 billion KRW higher than the appraised value. Before the bid, he walked countless times around the UN Command site, Yongsan, and Itaewon alone. With conviction and belief in the "potential possibilities" of the UN Command site, he made a bold decision. Chairman Um emphasized, "There was a thorough analysis to some extent. However, the business intuition I acquired through years of development projects led me to conclude that the value of this land would inevitably continue to rise from this point onward." He added, "I wrote down numbers that matched the latent potential, and looking at the current situation, it is clear that my thoughts were not wrong."

Despite being in the heart of Seoul, the UN Command site was inaccessible to the public for over 100 years. Because of this history, Chairman Um feels a greater and heavier sense of mission regarding The Parkside Seoul. He said the development of the UN Command site will be "a true healing of the wounds this land has carried and a splendid resolution to its painful past."

Chairman Um stated, "In the past, foreign powers who recognized its value occupied this land amid painful history. As a businessman, not only to generate profit but also to contribute to society, I will develop this previously restricted land magnificently under the name 'The Parkside Seoul.' It is also one of our goals to make it an open space for Seoul citizens as well as visitors from around the world."

The Parkside Seoul, to be built on the UN Command site, is a mixed-use complex with residential, commercial, lodging, office, and cultural functions. It will include 420 apartment units, 'The Parkside Suites' officetels offering hotel services with 776 units, the 7-star hotel 'Rosewood Seoul,' commercial facilities called 'The Parkside Mall,' and a cultural space named 'Art & Cultural Space.' The officetels are scheduled to be sold starting this September.

Eom Seok-o, Chairman of Eleven Construction (Photo by Eleven Construction)

The term "first" frequently appears in relation to The Parkside Seoul. It will be the first in Korea to host the luxury hotel brand Rosewood Hotel (scheduled for 2027). Hotel professionals will manage the amenities of the apartments and officetels. Chairman Um emphasized, "It is the first time in Korea that a luxury foreign brand hotel provides services to residential facilities. Rosewood Hotel's professional staff will be assigned to this complex, and the service level will be unmatched and top-tier." Differentiating from high-end officetels that emphasize only flashy appearances, professional management and services are entrusted directly to the hotel operator.

Regarding the attraction of Rosewood Hotel, Chairman Um said, "The New World Group, which owns Rosewood Hotel, had a strong interest in Korea and had attempted to enter the Korean market even before the UN Command site development. We decided to introduce it after recognizing the affection and passion for business in Seoul shown by Sonya Chung, CEO of Rosewood Hotel Group."

As a complex aiming for the highest quality, great efforts were made to attract commercial and cultural facilities that meet the expectations of consumers. The 'Art & Cultural Space' will include a multi-purpose performance and exhibition hall, and plans are in place to host world-renowned galleries not yet present in Seoul as well as famous domestic galleries to provide cultural benefits to residents and visitors.

Last year, Chairman Um personally visited the Kiaf exhibition and met with Adrian Cheng, Vice Chairman of New World Development, and is also planning an art-centered space similar to Hong Kong's K11. Major mixed-use complexes in Tokyo such as Ark Hills and Azabudai Hills have also enhanced their building values by attracting artistically recognized galleries and performance halls.

The Parkside Seoul Bird's-eye View

Chairman Um explained, "An 11-meter-tall artwork by world-renowned sculptor Park Eun-sun, who is active in Italy, will be installed along the 330-meter car-free street crossing the center of The Parkside Seoul. In the central plaza, a sculpture symbolizing the birth of new life by Italian sculptor Lorenzo Quinn will be installed. These artworks will enhance the overall value of the complex with their artistic beauty and richness."

Tokyo's Ark Hills, Roppongi Hills, Toranomon Hills, and Azabudai Hills are often cited as exemplary cases of mixed-use development. Chairman Um also mentioned being impressed by Ark Hills, Tokyo's first mixed-use facility developed over 40 years ago. However, unlike Tokyo's major mixed-use complexes, The Parkside Seoul distinctly emphasizes 'residential' as its primary function, marking a clear difference from Tokyo's buildings.

He said, "The Parkside Seoul differs from Tokyo's office-centered mixed-use complexes. It is planned with residential use, the most suitable for the UN Command site, at its core, supported by commercial, lodging, and cultural facilities that interact with the surrounding area to create a positive impact. Although the development concept is different, it will become Seoul's first proper mixed-use complex, just like Tokyo's complexes."

Eom Seok-o, Chairman of Eleven Construction (Photo by Eleven Construction)

As the slogan "Establishing the center of Seoul" suggests, Chairman Um believes The Parkside Seoul will become a representative place of Seoul. He said, "As Seoul advances as a major international metropolis, the role of mixed-use complexes will become even more important and they will become the city's center. Yongsan, where many mixed-use complexes including the international business district are planned, will be reborn as the true center of Seoul and a place representing Korea, starting with the development of the UN Command site."

With the final development projects in Seoul, including the UN Command site, coming together like puzzle pieces, an opportunity has arisen to elevate the urban competitiveness of Yongsan and Seoul. Chairman Um believes flexible regulations and bold policy introductions are necessary to allow these major development projects to shine. He said, "Creative policies are needed for creative development. Like in New York or Tokyo, breaking the existing framework by trading floor area ratios or surface rights is necessary to raise the city's level through bold challenges rather than uniform plans. This applies to both public and private sectors." He added, "The spaces secured through this should be used for the public good, enabling harmonious development that satisfies both developers and citizens."

The Parkside Seoul is the result of collaboration among leading domestic and international companies. Chairman Um said, "Mixed-use complexes developed in advanced countries gather world-class companies and talents to create the best works. Globally, firms like KPF, JCFO, Space Copenhagen, Conran & Partners, and Alexander Waterhous are involved, while domestically, top companies such as Hyundai Construction, DA Architecture, Junglim Architecture, Beom Architecture, SKM, and Seoan Landscape Architecture participate. Adding 'Seoul' to the name 'The Parkside' expresses our confidence in gathering the best companies and talents both domestically and internationally."

◆ Chairman Um Seok-oh of Eleven Construction

Born in 1948 in Haenam, Jeollanam-do, he founded Eleven Construction in 1991 and is regarded as a first-generation developer in Korea. He also has a background as a publishing salesman. At age 20, he moved to Seoul and started his career as a complete book salesman, and in 1980, he established the publishing company Yangwoodang. After entering the construction industry, he has been actively engaged in urban development and housing projects mainly in the metropolitan area.